RNR Real Estate Briefs from Realty News Report – HOUSTON – NAI Partners recently closed the sale of 9342 Telge Road, a 30,000-square-foot industrial building in Houston. NAI Partners’ Travis Land represented the buyer, United Equities, while Jason English of Colliers represented the seller. The property, located in Aberdeen Business Park, is currently leased to Oceaneering International.
HOUSTON – Transwestern Real Estate Services has been engaged by Cousins Properties to provide office leasing services for BriarLake Plaza in Houston’s Westchase submarket. The assignment covers two Class A office buildings on W. Sam Houston Parkway South: One BriarLake Plaza (502,410 SF) and Two BriarLake Plaza (333,100 SF). Transwestern’s David Baker, Tyler Garrett and Katy Gragg will represent ownership. BriarLake Plaza is currently 84.9 percent leased.
HOUSTON – Gulf Coast Commercial Group, a Houston-based developer focused on retail projects, announced plans for Magnolia Village, a 60-acre mixed-use development at FM 1488 and Spur 149 in Magnolia. Phase I will encompass 36 acres and include retail and office space plus approximately 300 multifamily units. Gulf Coast Commercial is acquiring the land from Parkside Capital, a Houston-based land fund.
HOUSTON – A group of investors led by David Davidenko, Julia Bykhovskaia and Merrill Kaliser, including Sunrise Capital Group, announced their first acquisition in the Katy/Houston market: The Gallery at Katy, a garden-style, 316-unit apartment community built in 1983. The property was 94 percent occupied at closing. Brett Benton of Newmark brokered the transaction.
HOUSTON – New York-based Merit Hill Capital acquired Good Spot Storage, a 30,000-square-foot self-storage facility at 3735 Mangum Road. The sale was facilitated by Dave Knobler and Charles “Chico” LeClaire of Marcus & Millichap.
HOUSTON – REEP Equity purchased Savoy Manor, a 192-unit apartment community located at 5915 Flintlock Road. JLL Capital Markets worked on behalf of REEP Equity to secure a 10-year floating-rate Freddie Mac loan. The JLL team representing the seller was led by Mark Brandenburg, C.W. Sheehan and Cort Martin.
CYPRESS – Louetta Automotive and Tire Service at 11916 Barker Cypress Road, a one-acre site with a 4,000-square-foot building, sold to Freanel and Sons LLC, a California-based investment group. The seller was represented by Jeff Lefko of Hanley Investment Group; the buyer was represented by Wes Miller of Wulfe & Co.
HOUSTON – Brandon Brown of Marcus & Millichap Capital Corp. arranged $7 million in refinancing for a 110-unit multifamily property in Houston. The 10-year loan carries a 3.89 percent fixed rate and includes six years of interest-only payments.
HOUSTON – Travis Fite of NorthMarq in Houston completed acquisition financing of $3,825,000 for Louetta Creek Plaza, a 26,472-square-foot retail center in Spring. NorthMarq arranged a permanent fixed-rate loan through StanCorp. Tenants at the property include State Farm and Snowflake Donuts.
TEXAS – RNR Real Estate Briefs
IRVING – Cushman & Wakefield arranged a 46,764-square-foot lease renewal for FleetPride Inc.’s headquarters at 600 Las Colinas in Irving. Robbie Baty and Michael Bannister of Cushman & Wakefield, together with Cribb Altman of JLL, represented the tenant. Duane Henley of Transwestern represented the landlord.
FORT WORTH – Flannery Inc. leased 39,405 square feet of office/warehouse space in Carter Logistics Center Building A at 7424 Oak Grove Road. Nick Talley of Bradford Commercial Real Estate Services represented the tenant; Scott Moore, Bob Scully and Brice Wells of CBRE represented the landlord.
FRISCO – DFW Party Rental leased 3,000 square feet of industrial-flex space in Hackberry Business Park at 207 King Road. Jason Finch of Bradford Commercial Real Estate Services represented the landlord.
DALLAS – BV Capital and Archway Properties launched the BV Archway Real Estate Income Fund, targeting a $50 million equity fund to acquire single-tenant triple-net (NNN) assets in Texas. The fund seeded its portfolio with a 79,684-square-foot Floor & Décor showroom and warehouse in Park Air 59, a mixed-use development near Bush Intercontinental Airport in Houston. The strategy aims to acquire 10 to 12 NNN-leased properties across the state to build an institutional-quality portfolio.
HOUSTON – Douglas Elliman Real Estate is expanding in Texas with new offices in Dallas and Austin. “The luxury residential market is booming,” said Jacob Sudhoff, CEO of Douglas Elliman Real Estate, Texas.
DALLAS – HSM Bonnie View acquired seven acres in South Dallas for future industrial development at the corner of Bonnie View and Langdon Roads, just south of I-20 between I-35 and I-45. Huntley Luna and Nick Robinson of Henry S. Miller Brokerage brokered the purchase. Tom Pearson and Chris Teasdale of Colliers represented the seller, First United Bank. Mark Smith, Sr., of Commercial Development for HSM Equity Partners will develop the site.
NATIONAL – RNR Real Estate Briefs
SALT LAKE CITY – A development venture between Patrinely Group and USAA Real Estate has topped out 650 Main, a 10-story, 332,000-square-foot Class A office and retail building at Main Street and 600 South in downtown Salt Lake City.
NEW CANAAN, Conn. – NewLake Capital Partners, a real estate capital provider for state-licensed cannabis operators, acquired a 40,000-square-foot industrial property in Palmer, Massachusetts. Simultaneously, NewLake entered into a triple-net lease with The Mint, a multi-state cannabis operator based in Tempe, Arizona, for a cultivation and processing facility. NewLake and The Mint also agreed to purchase a property in Phoenix for a 125,000-square-foot cultivation and processing campus.
MONROVIA, Calif. – The Monrovia Masonic Center, a 14,214-square-foot commercial building on Foothill Boulevard near Old Town Monrovia, has been sold. Dan Bacani and Jodi Shoemaker of Lee & Associates – Pasadena represented the seller, Monrovia Masonic Building Corp. Andrew Chan and Maggie Chou of Compass Commercial represented the buyer, Foothill Gym.
ROSEMONT, Ill. – Lee & Associates closed a $4.2 million lease transaction for 45,112 square feet of industrial manufacturing space at 1755 Britannia Drive in Elgin, Illinois. Kenneth Franzese and John Cassidy of Lee & Associates’ Illinois office represented the owner, Scannell Properties. Steve Bass of NAI Hiffman represented the tenant, Hardinge, Inc.
April 18, 2021 Realty News Report. All rights reserved.
Photo: BriarLake Plaza. Courtesy Transwestern
For more about Texas real estate, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins.
File: RNR Real Estate Briefs